Castrol Anyuan raises 20.2 billion yuan, 11 companies will open debt-based funds to raise over 10 billion yuan for the first time in the year
The record of the first fundraising of such funds has been refreshed again. During the year, 11 first fundraising shares have exceeded 10 billion. Source: Wealth Management Fuji Niu Original: Every reporter today, the market ushered in another 10 billion “explosion”-Jiashi Anyuan 39The monthly fixed debt issuance was announced, and in just 12 days, 20.2 billion yuan of funds were raised, which broke the record for the first fundraising of the fixed debt and amortized cost method debt base during the year.
Although this year is the peak year for new funds, the number and scale have reached a new high of nearly three years, but the first fund raised over 10 billion is still rare.
According to the statistics of Wealth Management Niujie (ID: buerniu5188), as of December 10, 22 funds raised more than 10 billion yuan this year, of which 11 are fixed debt bonds with holding periods of 3 years or more.
Approximately, although the size of the initial bond offering last year exceeded 10 billion yuan, it was a short-term fixed bond offering of three months.
From “three-month fixed opening” to “three-year (and above) fixed opening”, why is this year’s long-term fixed-open debt base so popular?
What is the investment value of different types of funds?
The amortized cost statutory bond-opening base has been enthusiastically determined by the institution to open the bond-base, which is a bright spot in the fund issuance market in 2019, and its first fundraising scale has continuously hit new highs.
Recently, Castrol Anyuan’s 39-month fixed bond issue broke the record of 18 billion set by Bo Shiwenxin 39-month fixed bond to 202.
The initial scale of US $ 0.1 billion has become the largest amortized cost-determined bond fund currently established.
Throughout this year, a fund with a scale of more than 10 billion has been established, and a debt base has been set up to replace half of the country.
According to Wind, as of December 10, a total of 22 funds had their initial fundraising scale of more than 10 billion yuan this year, of which 11 were based on a fixed debt holding period of 3 years or more.
Compared with last year, although there were also fixed-bond bond-based initial fundraisings exceeding 10 billion yuan, it was a short-term fixed-bond bond for three months, and this year, some long-term fixed-bond bonds were sought after.
Why is there a resistance change in the market direction?
Some bond fund managers said that this is related to the valuation method-amortized cost method.
When it comes to the amortized cost method, many investors may be a little hesitant, but in the past, monetary funds operated in this way. Generally speaking, the net worth curve will perform more smoothly.
Although the monetary fund has implemented the market value method reform, it is allowed to adopt the amortized cost method to set the debt base.
This method is based on cost, does not calculate bond price fluctuations, maintains the stability of the net investment value of the investment and returns, and can smooth the change in the net value of the product, so it is also more in line with the replacement of some institutional funds.
A Shanghai-based bond fund manager said, “Many long-term fixed-term bond issuances that are currently sought after are based on the amortized cost method.
For such a fund, the longer it is closed, the more cost-effective it is, because the longer the change in claims, the advantage of cost valuation (smooth change) is transformed.
“” Shanghai Securities issued a research report earlier, saying that although the stall cost method can provide a smooth net value curve and improve the investor’s investment experience, it also has a significant advantage for institutional investors to smooth the financial report, but it cannot avoid holding the securities themselves.Fluctuations.
At the same time, based on the unique operation method and investment direction of the portfolio bond fund, the closure period of the portfolio bond fund was set to give some reminders.Hidden dangers and eliminate investors just fulfilling expectations.
“As for why this type of debt base will be so popular this year, a senior analyst at the Shanghai Securities Fund Evaluation and Research Center believes 南宁桑拿 that” First, the institution has a natural large demand for fixed bonds with available amortized cost accounting, and the net value has increased steadily.Cocoa can be leveraged to achieve relatively high returns over extended periods.
The second is that public funds save taxes. Because spread income is tax-free, public fixed funds have the advantage of resisting fixed income products with relative benefits.
It is not difficult to find the name of the fixed-open bond-based fund that is still being issued and issued from the fund company. The closed-term period of the fixed-open bond-based fund is getting longer and longer.
The information on the website of the Securities and Futures Commission shows that, looking at the long-term closing period of the fixed-debt bases applied by major fund companies, the closing period includes three years (36 months), 39 months, 42 months, and 5 years (60 months), 63 months, 66 months, 86 months, 87 months, nine and a half years (114 months), etc.
Niu Mei noticed that the longest was 118 months.
In addition, you can also see from the public announcement of the fundraising application approval progress announcement table that a large number of existing debt bases are applying for changes at the same time.Extend to 63 months and so on.
One of the biggest concerns about the long closure period is whether investors will pay the bill?
For example, regular opening for 118 months means holding a fund for nearly 10 years.
For many individual investors, holding 3?
Five years may be the limit.
A Shanghai-based fixed income investor said that most of these long-term fixed-income debt bases are institutional-customized, such as insurance funds, banks and other institutions that may have alternative investment periods.
Although the product may be sold to the entire market, it is not recommended for individual investors to hold it. “Liquidity is still a consideration for individual investors when managing their finances.”
At the same time, some officials said that the final term of the debt base would also be a good choice.
“Proportion is compared to the ordinary open-ended debt base. The fixed debt base is closed and there is no need to deal with redemption pressure. There will also be no large purchase stalls with thin returns. At this time, fund managers use funds more efficiently, and fund operations are also more efficient.相对稳定，对应的预期收益相对来说更加稳定，可以发挥‘重点投资，长期持有’的策略。At least than the ordinary closed debt base, the liquidity of the established debt base is relatively better. Generally, a closed cycle is agreed to stabilize the closed scale, and after the end of each operating cycle, a centralized redemption is arranged for investors.time.
The estimated representative said that if a long-term fixed debt bond is to be selected, investors are advised to pay attention to the manager’s long-term investment management experience, not to pursue short-term relative rankings, but to pay attention to the absolute return and sharpness of the entire holding periodratio.
It is reported that, as of December 10, there are currently 64 months of fixed bonds including Hua Xia Hengtai, 63 months of Wells Fargo pure bonds, 39 months of investment invitation, and 39 months of Inshun Great WallOpening, Cathay Pacific Juying will be opened for three years, ICBC Taiyi will be opened for three years, and Nuoan Ruikang will be opened for three years.
It remains to be seen whether these funds will generate new initial results.